Crane Construction Company began operations on January 1, 2023. During the year, Crane entered into a non-cancellable contract with Waterway Corp. to construct a manufacturing facility. At that time, Crane estimated that it would take five years to complete the facility at a total cost of $4,535,000. The total contract price for construction of the facility is $5.957,000. During the year, Crane incurred $1,086,800 in construction costs related to the project. The estimated cost to complete the contract is $4,347,200. Waterway was billed and paid 25% of the contract price. The billings are non-refundable Prepare schedules to calculate the amount of gross profit to be recognized for the year ended December 31, 2023, and the amount to be shown as contract assets or liabilities at December 31, 2023, under each of the following methods. Completed-contract method. Crane Construction Company Computation of Contract Liability Year Ended December 31, 2023 Contract price Contract price Gross pront $ $